Howard Leaman Jun 26/19
Canola traded on both sides of unchanged again on Wednesday, ending
lower. The weakness was attributed to increased concerns about
Chinese/Canadian trade relations, spillover selling from soy, strength in
the Canadian dollar, and technical selling. China extended its ban on
imports of Canadian goods late on Tuesday to include all meats. The
Canadian dollar rallied above $0.76 U.S. on Wednesday, up about a third of
Stats Can released its estimate of Canadian acreage on Wednesday
morning. The canola projection was within the range of expectations, but on
the high side. The report appeared to have little influence on canola
prices on Wednesday, however, as traders focused on other factors.
The selling in canola was curbed by evening up ahead of Friday's USDA
stocks and acreage reports, and continued concerns about less than ideal
North American crop conditions.
Nov Canola 467.90 443.60
Jan Canola 474.90 458.70
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